New Delhi, India [RenewableEnergyWorld.com] The wholly-owned solar photovoltaics (PV) subsidiary of Moser Baer India Limited has entered into definitive agreements to raise US $93 million from a consortium of global investors in order to fund growth plans. This investment is intended to fund the expansion of crystalline silicon cell manufacturing to 180 megawatts (MW) and amorphous silicon thin-film to 120 MW. The company currently has an annual capacity of 120 MW, including 40 MW of amorphous silicon thin-film modules.
The investment round, which included Nomura, CDC Group, Credit Suisse, Morgan Stanley, IDFC PE and IDFC follows a previous private equity funding transaction of US $90 million in November 2007. This new set of transactions values Moser Baer’s PV business at US $1.44 billion.
“This funding from global investors will provide great impetus to the expansion plans we have for the PV business,” said Ratul Puri, executive director of Moser Baer.
Moser Baer has production lines for crystalline silicon cell manufacturing and thin-film in Greater Noida in India’s National Capital Region. It is also setting up a thin-film PV plant near Chennai with a planned 500 MW annual capacity.